Gouverneur Savings and Loan Association Key Developments

Gouverneur Bancorp announced that Gouverneur Savings and Loan Association (the "Bank") has received all regulatory approvals necessary for its proposed conversion from a federally chartered stock savings and loan association to a New York State chartered stock savings and loan association. The charter conversion is expected to occur on December 31, 2013. As a result of the charter conversion, the New York State Department of Financial Services and the Federal Deposit Insurance Corporation will be the Bank's primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for Cambray Mutual Holding Company and Gouverneur Bancorp Inc., both of which will remain savings and loan holding companies.

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